MANTAS RAULICKIS & LV-REO TEAM REO'S | Short Sales | Pre-Foreclosures | Foreclosures | Bank Owned Properties ________________________________________________________________ Realty ONE Group, Inc 9089 S. Pecos Rd., Suite 3400 Henderson NV 89074 Phone: (702)-588-6868 | eFax (888)-838-4276 Email: Sold@MyLuxuryHomesofLasVegas.com Web: www.MyLuxuryHomesofLasVegas.com
SAMPLE of Foreclosure Timeline Here's a look at a timeline from late payment to foreclosure. Timelines vary, depending on lender, location, situation. There is always the possibility of postponing foreclosure, such as when the property owner lists the property for sale as a short sale, receives and offer or offers and forwards the offer(s) subject to lender approval.
DAY 1 The borrower misses the payment. DAY 16-30 A late charge is assessed. The mortgage servicer contacts borrower to find out why the payment is late. File is sent to the Collection Department. DAY 45-60 The servicer sends a "demand" or "breach" letter to the borrower who has 30 days to resolve the situation by paying the delinquent amount. DAY 90 Notice of Default. Foreclosure proceedings start with a Notice of Default (NOD). The document is recorded at the request of the lender by the trustee and is recorded in the county in which the property is located. In California, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current. This period is referred to as the Reinstatement Period. DAY 180 Notice of Trustee Sale. If the borrower does not reinstate their account within the 90 day period, the lender will authorize and instruct the Trustee to record the Notice of Trustee Sale (NOS). DAY 196 5 Business Days Before the Sale Date. Right to Reinstate expires. DAY 201 After 21 days of the recording of the Notice of Trustee Sale, a foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount
Published on Aug 27, 2010